FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., June 17, 2022 /PRNewswire/ — The global sports betting markets, unlike most, grew during the pandemic and are projected to continue to grow for years to come. The demand for sports betting is driven by factors like the shifting regulatory landscape of the entire gambling sector, the penetration of connected devices, and the developing digital infrastructure. The COVID-19 pandemic greatly influenced the sports sector due to restrictions on sporting activity in most parts of the world. However, online sports betting expanded in popularity during the pandemic due to eSports betting. A recent report from Grand View Research projected that the global sports betting market size was valued at USD 76.75 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 10.2% from 2022 to 2030. The report said: “Technology had a significant impact on every industry. However, the gambling industry was the most impacted, with the major sports betting companies working hard to simplify their platforms and provide a pleasurable experience. Therefore, the growing need for digitalization is expected to impact the market’s online segment, which will witness significant growth in the forecast period. However, the frameworks are being regulated by various governments to provide income opportunities and new experiences to consumers.” Active companies in the markets today with current earnings out include: EBET, Inc. (NASDAQ: EBET), DraftKings Inc. (NASDAQ: DKNG), GAN Limited (NASDAQ: GAN), Skillz Inc. (NYSE: SKLZ), International Game Technology PLC (NYSE: IGT).
Grand View Research continued: “The market was dominated by the fixed odds wagering segment in 2021, accounting for a market share of over 25% whereas the eSports betting segment is anticipated to grow at the fastest CAGR of 14.8% during the forecast period. According to DataReportal, 60.0% of the world population has access to the internet. The majority of customers are engaging in leisure activities like sports betting and seeking extra income in addition to entertainment. Additionally, interactive games are gaining the interest of the young. While a significant amount of the population is indulging in competitive matches for entertainment, income, and hobby; eSports competitions attract large audiences. Therefore, the market has begun monetizing the opportunity in form of eSports betting.”
Esports Technologies (NASDAQ: EBET) – BREAKING NEWS – EBET, Inc. Announces Closing of Private Placement at $3.58 per Unit of Common Stock and One Warrant to Purchase Common Stock at $5 per Share – EBET, Inc., a leading global provider of advanced wagering products and technology, announced today that it has closed its previously announced private placement of 977,657 shares of common stock and warrants to purchase up to an aggregate of 977,657 shares of common stock, at a purchase price of $3.58 per share of common stock and associated warrant, for gross proceeds to EBET of approximately $3.5 million. The gross proceeds exclude fees and other offering expenses payable by the Company. The warrants have an exercise price of $5.00 per share of common stock and will be exercisable six months from the closing of the offering for a period of five years from the closing date.
The Company intends to use the net proceeds from the private placement for general corporate purposes.
The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. CONTINUED… READ THIS AND MORE NEWS FOR EBET BY VISITING: https://ebet.gg/news/
In other recent earnings reports in the markets:
UFC® and DraftKings Inc. (NASDAQ: DKNG) recently announced plans to launch a new iteration of DraftKings’ “Reignmakers” gamified digital collectibles franchise focused on UFC. Reignmakers UFC will allow fans to build collections of their favorite UFC fighters and utilize them in games to compete for prizes. The first season of Reignmakers UFC NFT-based games is expected to go live later this year.
Ahead of the launch of the game, fans can soon begin collecting the initial NFTs of fighters via auctions and drops in DraftKings’ “Heatwave Series,” which will be based around this summer’s UFC events schedule, beginning with UFC® 276: ADESANYA vs. CANNONIERon July 2.
Collectors will receive rewards both leading into and following the game rollout based on the utility of the NFT which could include entries into special daily fantasy contests for cash, custom merchandise and more. Under the new agreement with UFC, DraftKings Marketplace will have access to fighter IP from over 500 different athletes on the active UFC roster from which to choose to create the Reignmakers UFC collection.
GAN Limited (NASDAQ: GAN), a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, recently reported its unaudited financial results for the quarter ended March 31, 2022.
Dermot Smurfit, CEO of GAN stated:
“We delivered an encouraging start to 2022 driven by organic revenue growth in both our operating segments coupled with cost rationalization efforts to deliver strong growth in Adjusted EBITDA. We continue to demonstrate the value of our integrated B2B and B2C portfolio, soon to be joined on one unified platform and our ability to deepen our presence in both new and established markets as we add to our offering. In the state of Michigan, our presence began with supporting a tribal operator, and has evolved to now power both iGaming and online sports betting and features our Super RGS platform content as well. The evolution of our platform in Michigan is a perfect example of our competitive offering and its position in the market as we prepare for future state launches.”
Skillz Inc. (NYSE: SKLZ), the leading mobile games platform bringing fair competition to players worldwide, recently announced financial results for the first quarter ended March 31, 2022.
“Skillz drove strong improvement in marketing efficiency in the first quarter of 2022,” said Skillz CEO Andrew Paradise. “We commenced our transition to profitable growth through both sustained product innovation, including the recent beta launch of our cloud-gaming feature, and rollout of more enhancements that improve the user experience through social and personalization.”
International Game Technology PLC (NYSE: IGT) recently announced that it extended its successful partnership with SuperBook®Sports to Tennessee, where the IGT PlaySports platform is powering the SuperBook Sports mobile betting app.
Tennessee marks the fourth state where IGT and SuperBook Sports have teamed up to deliver a performance-driving sports betting solution. SuperBook Sports is currently leveraging IGT PlaySports technology to power retail and mobile betting in Colorado, and mobile betting in New Jersey and Arizona.
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